http://www.charlotteobserver.com/news/business/banking/article205164849.html#emlnl=Breaking_Newsletter
Wells Fargo CEO Tim Sloan was awarded $17.4 million in compensation for his work last year, a more than 35 percent increase from the year before despite the bank continuing to struggle with scandals.
But the bank noted it did not award Sloan a cash bonus "based on his ultimate responsibility, as CEO, for our company's performance." Sloan also had recommended he not get that bonus. That performance included "significant but incomplete progress on addressing compliance and operational risk-management issues," the bank said.
The announcement comes as Wells Fargo continues to recover from a major sales scandal over unauthorized accounts that erupted in 2016 – and from revelations of new problems that have emerged since then.
Last year, the bank disclosed problems with a ballooning list of products, from auto insurance to mortgages to identity theft protection.
The wave of scandals led the Federal Reserve to slap restrictions on Wells Fargo's growth last month and order it to improve its governance and risk-management processes. The regulator said the unprecedented actions were in response to "widespread consumer abuses and other compliance breakdowns" at Wells.
In its latest stumble, Wells this month disclosed a host of new areas with potential problems. Those include its wealth and investment management business, which the bank said federal authorities are examining, as well as its foreign exchange business.
Wednesday's disclosures show Sloan's compensation comprised of a base salary of $2.4 million and stock awards of $15 million. That compares with a base salary of $2.3 million and stock awards of $10.5 million that he was awarded the year before.
Awww, but he had to go without a "cash bonus."
How will he be able to feed Latrell Sprewell's family?